SharpLink buys $295M in ETH — More than all the Ether issued last month

SharpLink Gaming, the second-largest corporate holder of Ether, has acquired another 77,210 Ether, worth $295 million, as the firm shows no signs of slowing down its crypto treasury play.

The single purchase is more than the network’s net issuance of Ether in the past 30 days, which stood at 72,795 ETH, according to Ultra Sound Money. The company staked most of the acquired ETH to earn staking rewards. 

After the recent acquisition of ETH, the company’s total ETH holdings exceed 438,000 ETH, which is worth more than $1.69 billion, according to Lookonchain.

Source: Lookonchain

SharpLink is the second company to hold more than $1.5 billion worth of ETH in its treasury, with Bitmine Immersion Tech taking the top spot as its ETH holdings exceed $2 billion.

“Banks close on weekends. Ethereum runs 24/7,” the firm said in a X post on Sunday.

On July 18, Cointelegraph reported that SharpLink has filed an amended prospectus with the regulators in a bid to increase its stock sale from $1 billion to $6 billion. The majority of the proceeds from the sale will be used to buy ETH.

Talent acquisition spree

On Friday, SharpLink announced that it had hired Joseph Chalom as its new co-CEO.

Chalom had worked for 20 years at BlackRock, the largest asset management firm in the world. At SharpLink, he will be responsible for shaping and executing the company’s global strategy.

In May, the company nominated Consensys CEO Joseph Lubin as its chairman of its board of directors.

Ether supply shock

ETH purchases by corporations and institutional investors via ETFs can create a supply shortage for ETH, which can theoretically push the price.

On Thursday, BitMine Immersion Technologies stated that it held more than 566,000 ETH, worth more than $2 billion at time of publication. Additionally, the firm announced its ambitious plan of holding at least 5% of ETH’s total supply, which amounts to 6 million Ether worth more than $23 billion at the time of writing.

Currently, 6.73% of ETH’s total supply, 8.12 million Ether worth more than $31 billion,  is collectively being held by corporations and ETFs combined, according to Strategic ETH Reserve.